BitInstant confirms Bitcoin card plans

Details of the plans first emerged on Sunday when the Coding In My Sleep site published the transcript of a chat involving BitInstant co-founder Charlie Shrem. Shrem revealed that he is working with one unnamed domestic bank and one international on the branded 'Paycard' that users could load up with Bitcoins and then withdraw real world currencies. Each card would include a QR code on the front and a printed address on the back which would be used to load Bitcoins, with BitInstant charging a one per cent fee. The first 1000 cards would be given away free with all subsequent ones costing $10. During the chat, Shrem posted a mock-up image of the card which featured the MasterCard logo, prompting the latter to issue a statement distancing itself from the plans. "MasterCard has no relationship with BitInstant. There are issuers who allow the conversion of Bitcoins to US dolla...